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State attorneys general urge CFTC to leave sports contracts to states

Regulation

A bipartisan group of 41 state attorneys general urged the CFTC to confirm that states, rather than federal regulators, have authority over sports-related event contracts. In a formal comment on proposed prediction-market rules, the coalition argued that these contracts function as gambling and should fall under state regulation.

The CFTC’s response could determine whether states regulate sports-related event contracts as gambling.

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Regulation

State attorneys general seek Supreme Court review of prediction market oversight

A group of 40 state attorneys general asked the US Supreme Court to consider New Jersey’s prediction markets dispute. New Jersey wants to reverse an appellate decision giving federal commodity-trading legislation priority over its gambling rules.

Forty state attorneys general, drawn from both parties and speaking for 39 states plus Washington, D.C., have signed an amicus brief asking the US Supreme Court to take up New Jersey's suit against prediction market operators. The filing backs New Jersey's effort to reverse a decision by a lower appellate court, which held that the state's gambling statutes were displaced by federal commodity-trading law.

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